Ether's recent crash below $2,000 leaves $686 million gaping hole in trading firm's book

The firm’s looped ETH long position unraveled this week as ether's price crashed, resulting in an estimated $686 million loss. What to know : Trend Research, a trading firm led by Liquid Capital founder Jack Yi, built a $2 billion leveraged long position in ether by borrowing stablecoins against ETH collateral. As ether’s price slid to $1,750 this week, the firm’s looped ETH position unraveled, resulting in an estimated $686 million loss. Yi framed the massive sales as risk control and said he remains bullish on a “mega” crypto bull market, predicting ETH above $10,000 and bitcoin above $200,000 despite the setback.